Bloomberg and Christie Administration Officials Discuss Ways to
Spur Economic Growth and Job Creation
NEW YORK--(BUSINESS WIRE)--
The Travelers
Institute, the public policy division of The Travelers Companies,
Inc. (NYSE: TRV),
today convened a discussion at the New York Stock Exchange (NYSE) to
raise awareness of issues impacting entrepreneurs and recommend
solutions for success. Today's event culminates the national, multi-year
“Small
Business - Big Opportunity” symposia series, and U.S. Small Business
Administration head Karen Mills delivered the keynote address.
At the event, Travelers Chairman and CEO Jay Fishman proposed specific
solutions, including developing a three-year incubator period during
which small businesses would face lower taxes and fewer regulatory
requirements and penalties. He also recommended that cities and states
consolidate overlapping and redundant regulations to reduce red tape.
“As one of the largest insurers of small businesses, we have a
first-hand view of the challenges they face, and we feel a
responsibility to advocate for their success,” said Fishman, whose
father was a small business owner. “In addition, sound economic policy
that promotes small business growth and job creation is important for
our nation's economic success and preserving and promoting the American
opportunity.”
NYSE Euronext CEO Duncan Niederauer discussed the company’s jobs-growth
initiative, “The
NYSE Big StartUpSM is a joint partnership to fuel new
business creation, capital-raising activity and employment growth.”
“By connecting small businesses with established corporate enterprises,
we are creating a thriving hub for collaboration and entrepreneurship
offering startups and small enterprises new resources for boosting
procurement, networking, business development, training and more job
opportunities,” Niederauer said. “We applaud Travelers leadership in
identifying ways to spur economic growth and job creation, and we
welcome the opportunity to co-host the Small Business – Big Opportunity
Symposium at the NYSE.”
In addition, Tokumbo Shobowale, who was recently appointed as the Chief
Business Operations Officer by Mayor Bloomberg, detailed New York City’s
successful efforts to reduce burdens on small businesses.
“New York City is working hard to consolidate regulations and reduce the
time it takes to open a small enterprise,” he said. “To ensure the city
continues to be a hub of opportunity and success for new entrepreneurs,
Mayor Bloomberg has created, for example, a one-stop shop to help small
restaurants obtain permits and satisfy other requirements. This step
alone has helped open 546 restaurants, saving them an average of 72 days
by cutting through the city bureaucracy. The effort has assisted in the
creation of more than 6,000 jobs in the food-services industry.”
Elizabeth MacKay, Senior Policy Advisor to the New Jersey Department of
State, discussed Gov. Chris Christie's bi-partisan “Red Tape
Commission," which was created to identify and resolve onerous
regulatory impediments. After the event, Lt. Governor Kim Guadagno said
the following in a statement: “We’re delighted that Travelers and the
NYSE are helping to advocate for small businesses. For America’s economy
to fully rebound and create jobs, we need to help small businesses by
cutting needless and destructive red tape and reforming our regulatory
process so that it’s sensible and predictable."
Speaking from her own experience building Lafayette 148 New York from a
small business into a successful and significant U.S.-based employer,
Deirdre Quinn noted that, “Starting and running a small business
requires constant dedication, focus and attention to every detail. It is
reassuring to know that business and government leaders alike are intent
on finding solutions to the challenges that small business owners face.
These efforts will further clear the way for the next generation of
small businesses to achieve success and spur economic growth.”
The full panel consisted of nationally recognized economic and small
business innovators and leaders:
-
Moderator: Joan Woodward, Executive Vice President of Public Policy
and President, Travelers Institute
- Kate Mitchell, Co-Founder and Managing Director, Scale Venture Partners
- Deirdre Quinn, Co-Founder and President, Lafayette 148 New York
- Tokumbo Shobowale, Chief Business Operations Officer, City of New York
- Elizabeth MacKay, Senior Policy Advisor, New Jersey Department of State
The symposium at the NYSE is the eighth small business forum the
Travelers Institute has hosted over the past 15 months. Last year, the
company released a white
paper, “Small Business, Big Opportunity,” outlining its principles
for advocacy. Travelers commemorated today’s event by ringing The
Opening BellSM on the floor of the NYSE.
About the Travelers Institute
The Travelers Institute, the
public policy division of The Travelers Companies, Inc., engages in
discussion and analysis of public policy topics of importance to the
insurance marketplace and the financial services industry. The Travelers
Institute draws upon the industry expertise of Travelers' senior
management and the technical expertise of many of Travelers'
underwriters, risk managers and other experts to provide information and
analysis to public policy makers and regulators. Travelers is a leading
provider of property casualty insurance for auto, home
and business.
For more information, visit www.travelers.com.
Travelers
Ashley Maagero, 860-277-2954
amaagero@travelers.com
Source: Travelers